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Financial News: German Private Sector Growth Robust In April

German Private Sector Growth Robust In April

04/21/2017 - 04:17:00 (RTTNews)

(RTTNews) - Germany's private sector expanded strongly in April, despite slower rises in both manufacturing output and services activity, survey data from IHS Markit showed Friday.

The flash composite output index dropped to 56.3 in April from March's six-year high of 57.1. However, any reading above 50 indicates expansion in the sector.

This signalled the first easing in growth of private sector business activity since the start of the year, but still the second-fastest rate of expansion in over three years.

The flash services activity index also fell to 54.7 in April from 55.6 in the previous month. Economists had expected the index to decrease to 55.5.

Similarly, the flash manufacturing PMI came in at 58.2 in April, down slightly from March's 71-month high of 58.3. It was forecast to ease to 58.0.

There were slightly weaker increases in output at both service providers and manufacturers in April.

"The April survey was also notable in breaking the recent sequence of accelerating price pressures. Input price inflation slowed for the first time since August 2016, as did the rate of charge inflation," Trevor Balchin, Senior Economist at IHS Markit said.

"Nevertheless, both measures continued to signal strong overall inflationary pressure in the private sector economy."

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